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GE posts first quarter loss of $13.6 billion

One week after the announcement that it would dismantle most of its GE Capital financing operations to focus on its industrial businesses, General Electric reported a first quarter loss of $13.6 billion

NEW YORK—One week following the announcement that it would dismantle most of its GE Capital financing operations to instead focus on its industrial roots, General Electric reported a first quarter loss of $13.6 billion.

The results were impacted by charges relating to the conglomerate's strategic shift. A year ago GE reported a first quarter profit of $3 billion.

Excluding the impact of the GE Capital sale, GE said it made 31 cents a share in the first quarter, down 6% from the same period in 2014, but a penny above analyst expectations. And operating earnings in the industrial segments where GE is staking its future climbed 14%.

Immelt added in a press release that "GE performed well in the first quarter, in an environment that remains volatile but with continued growth opportunities in infrastructure."

Speaking on CNBC Squawk Box, Jack De Gan, a senior advisor at the Harbor Advisory investment management firm said "In light of the environment and the deterioration in the currencies … I think their industrial performance is pretty impressive."

GE, which has a market cap of about $275 million, has seen its shares fall around 16% since 2000 when Immelt took over from legendary top boss Jack Welch. The company has been slowly selling off its media, financial and appliances assets ever since as it pivots back towards industrial manufacturing.